It's reasonably common for engineering grads of any speciality to simply end up working somewhere they don't need a P.Eng. While it might be nice if that were less common for Software Engineers, a P.Eng. must stand behind their work. Qualified candidates should show they worked in a manner that made an existing engineer comfortable ok'ing their work. That may not be common, but it's fundamental to the process.
Must be. Of the dozens of people who graduated from the Software Engineering program that I know or have worked with, you're the first I've heard of who's actually managed to obtain their P.Eng. I've known a couple of people who talked to APEGA extensively and were told that nothing they were doing (writing code, architecting solutions, etc) counted. Probably comes down to 99.99% of places aren't doing safety critical work and/or don't want to pay for formal verification.
Glad to know the title is being used, anyways.